London Daily

Focus on the big picture.
Thursday, Jul 31, 2025

City financier Truell to keep SPAC alive with £125m share buyback

City financier Truell to keep SPAC alive with £125m share buyback

Edi Truell will offer Disruptive Capital Acquisition Co shareholders the chance to tender most of their stock while allowing him more time to finalise a merger.
A prominent City financier is trying to breathe new life into his listed acquisition vehicle by pledging to return a profit to shareholders while continuing the hunt for a merger target.

Sky News has learnt that Disruptive Capital Acquisition Co, which was listed on Amsterdam's Euronext exchange by Edi Truell, will announce on Wednesday that it is launching a share buyback to return up to £128.5m to investors.

Under the terms of the offer, shareholders in the special purpose acquisition company (SPAC) will be able to tender up to 95% of their stock at a price equivalent to £10.25-a-share.

This would lock in a small profit for investors while allowing them to retain a minority of their shares, with Mr Truell gaining an additional 15 months to secure an acquisition.

DCAC had agreed a combination with Denmark's Saxo Bank, a retail and derivatives broker, but announced earlier this month that the merger was being abandoned.

Hundreds of SPACs, predominantly listed in New York, have been forced to wind themselves up and return cash to shareholders after failing to agree deals within their allotted investment period.

Mr Truell's plan would, if approved by DCAC shareholders, allow him time to source an alternative tie-up ahead of a new deadline of April 2024.

The financier is a prominent City figure, having founded the Pension SuperFund and Pension Insurance Corporation, as well as heading the buyout firm Duke Street Capital.

He also advised Boris Johnson on pensions issues during the latter's tenure as Mayor of London.
Advertisement

The return of capital from DCAC to its investors is likely to mean that any future merger would be significantly smaller than the £2bn valuation ascribed to Saxo Bank, according to one investor.

A DCAC spokesman declined to comment.
Newsletter

Related Articles

0:00
0:00
Close
Former Judge Charged After Drunk Driving Crash Kills Comedian in Brazil
Jeff Bezos hasn’t paid a dollar in taxes for decades. He makes billions and pays $0 in taxes, LEGALLY
China Increases Use of Exit Bans Amid Rising U.S. Tensions
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
Procter & Gamble to Raise U.S. Prices to Offset One‑Billion‑Dollar Tariff Cost
House Republicans Move to Defund OECD Over Global Tax Dispute
Botswana Seeks Controlling Stake in De Beers as Anglo American Prepares Exit
Trump Administration Proposes Repeal of Obama‑Era Endangerment Finding, Dismantling Regulatory Basis for CO₂ Emissions Limits
France Opens Criminal Investigation into X Over Algorithm Manipulation Allegations
A family has been arrested in the UK for displaying the British flag
Mel Gibson refuses to work with Robert De Niro, saying, "Keep that woke clown away from me."
Trump Steamrolls EU in Landmark Trade Win: US–EU Trade Deal Imposes 15% Tariff on European Imports
ChatGPT CEO Sam Altman says people share personal info with ChatGPT but don’t know chats can be used as court evidence in legal cases.
The British propaganda channel BBC News lies again.
Deputy attorney general's second day of meeting with Ghislaine Maxwell has concluded
Controversial March in Switzerland Features Men Dressed in Nazi Uniforms
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
Thai Civilian Death Toll Rises to 12 in Cambodian Cross-Border Attacks
TSUNAMI: Trump Just Crossed the Rubicon—And There’s No Turning Back
Over 120 Criminal Cases Dismissed in Boston Amid Public Defender Shortage
UN's Top Court Declares Environmental Protection a Legal Obligation Under International Law
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
The Podcaster Who Accidentally Revealed He Earns Over $10 Million a Year
Trump Announces $550 Billion Japanese Investment and New Trade Agreements with Indonesia and the Philippines
US Treasury Secretary Calls for Institutional Review of Federal Reserve Amid AI‑Driven Growth Expectations
UK Government Considers Dropping Demand for Apple Encryption Backdoor
Severe Flooding in South Korea Claims Lives Amid Ongoing Rescue Operations
Japanese Man Discovers Family Connection Through DNA Testing After Decades of Separation
Russia Signals Openness to Ukraine Peace Talks Amid Escalating Drone Warfare
Switzerland Implements Ban on Mammography Screening
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
Pogacar Extends Dominance with Stage Fifteen Triumph at Tour de France
CEO Resigns Amid Controversy Over Relationship with HR Executive
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
NVIDIA Achieves $4 Trillion Valuation Amid AI Demand
US Revokes Visas of Brazilian Corrupted Judges Amid Fake Bolsonaro Investigation
U.S. Congress Approves Rescissions Act Cutting Federal Funding for NPR and PBS
North Korea Restricts Foreign Tourist Access to New Seaside Resort
Brazil's Supreme Court Imposes Radical Restrictions on Former President Bolsonaro
Centrist Criticism of von der Leyen Resurfaces as she Survives EU Confidence Vote
Judge Criticizes DOJ Over Secrecy in Dropping Charges Against Gang Leader
Apple Closes $16.5 Billion Tax Dispute With Ireland
Von der Leyen Faces Setback Over €2 Trillion EU Budget Proposal
UK and Germany Collaborate on Global Military Equipment Sales
Trump Plans Over 10% Tariffs on African and Caribbean Nations
Flying Taxi CEO Reclaims Billionaire Status After Stock Surge
Epstein Files Deepen Republican Party Divide
Zuckerberg Faces $8 Billion Privacy Lawsuit From Meta Shareholders
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
SpaceX Nears $400 Billion Valuation With New Share Sale
×